People Who Don't Get Insurance

bevymart
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People Who Don't Get Insurance

Post by bevymart »

I feel sorry for this woman who lost her business in a fire in Keremeous.

However, I don't feel sorry that she "had no insurance". We keep hearing time and time again of people who don't have adequate insurance. Fed up with people asking for financial help because they didn't have basic insurance coverage.

We pay $35 a month for $100,000 worth of renter's insurance. Insurance is very, very cheap and when you're running a business is essential.

She also didn't appear to have offsite backups of files, she said that she "lost all her client records and is asking people to call her".

Now, I'm really glad no one was hurt, and really sorry that she lost her business, but simple steps could have saved information and fairly low cost insurance (usually) could have had her back up and running in no time.

People who think that they're saving a few dollars by going cheap on insurance or bypassing it all together will get bitten in the end.

People - GET INSURED !

As a business, I'd have hoped that she'd have had liability insurance too, but judging by this story she had no insurance of any kind.

I firmly believe that it should be a requirement to have renters insurance before renting ANYWHERE, and certainly for a business liability insurance is a MUST and property damage insurance is essential.

Other people will say I'm callous, but I'm just trying to help out all the other people there who aren't insured to point out what should be painfully obvious - that the cost of insurance if extremely low compared to the cost of replacing a business or home or valuables.
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Tero
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Re: People Who Don't Get Insurance

Post by Tero »

Not callous at all. Could not agree more!!!!!

Over and over this type of story is in the news.
jimmy4321
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Re: People Who Don't Get Insurance

Post by jimmy4321 »

Agree
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Queen K
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Re: People Who Don't Get Insurance

Post by Queen K »

My house insurance is sitting in front of me even as I read this and I could not agree more.


Daily insurance is running me a grand total of $1.60.

Doesn't a cup of coffee cost more?
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Sige
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Re: People Who Don't Get Insurance

Post by Sige »

Oh wow, I SO agree! I know it isn't always "affordable" but look at her now. So sad :(
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Queen K
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Re: People Who Don't Get Insurance

Post by Queen K »

I understand how it is with a new business. It seems everyone is in your pocket for this and that, endless expenses, things you never dream about. But insurance is one you dream up and plan for it, before opening your doors.

I feel badly for her. That building was there for a long time before she even arrived, and now this?

Does it seem strange to people how many fires are plaguing Keremeos though?
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V-Rated
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Re: People Who Don't Get Insurance

Post by V-Rated »

Great post Bevymart. I agree, why should I have to cover my butt and theirs!
I can understand helping a tragic medical issue, although in BC we are lucky enough to have insurance there are extra costs.... but yes, for our posessions - get insured, it is replaceable.
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jimmy4321
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Re: People Who Don't Get Insurance

Post by jimmy4321 »

What I love is when you go to ICBC for auto insurance and they ask you if you want to buy insurance to cover you in the event you get in accident with a non insured driver. Minimal cost but pisses me off every time!
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Queen K
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Re: People Who Don't Get Insurance

Post by Queen K »

Or how about under insured?

And as for the issue with a non-insured driver, that could include a scenerio where a family vehicle is in fact stolen by a family member who is not technically listed on the insurance papers.

Or a vehicle that is stolen by a stranger. Or a person whose licence had been taken away from them but they somehow get to drive a vehicle.

People with the beginnings of dementia could fit that description. Yes, they get the license pulled and yet the family doesn't remove the vehicle from the premises. Guess what? That former driver can have vast windows of cognition still to getting keys or having hidden keys to their vehicle, and can yes, technically "drive" but not be insured. I say to families, "take the vehicle to the next auction" or risk this happening to you. Have I seen it happen? Yes, I have.

An ex of mine had his son move up from California to live with "dad". That 18 year old got his learners and stole the truck in under 3 hours from getting it. So yes, while technically licensed, not insured under dad's insurance yet.

My former biz partner always was underinsured. "What are the chances" he'd say. ARRRGGGGGGGGGGHH.
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Crazy Horse
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Re: People Who Don't Get Insurance

Post by Crazy Horse »

Buying insurance is like gambling (except in reverse). You lay down money betting you are going to need it. The insurance company (the House) has oddsmakers on staff and they are betting you won't need it. It is really no different than placing a bet on a sporting event.

I have run the numbers, and added up all the insurance premiums I have paid over the last 30 years, 2 or 3 vehicles, house, boat, travel trailer, etc. and I have never had a claim. It really is a lot of money, and I thought to myself, what if I put the same amount of money aside every month, at least I would have something if I never put in a claim.

My general feeling is that insurance is a waste of money most of the time and I will buy the least amount necessary and prepare in my own way if something happens.
ToddT
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Re: People Who Don't Get Insurance

Post by ToddT »

Being insured is a big "what if" but it's one you have to pay for in my opinion.

Employment insurance on the other hand is the biggest farce going.
cfriedemann
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Re: People Who Don't Get Insurance

Post by cfriedemann »

I applaud you for bringing this up. I am a little more direct, which is harsh criticism.
. There is NO EXCUSE for not having insurance.
. Someone having a business, you GOT to have insurance. Stuff happens. What if someone got hurt at the business? Lawsuit will follow. Guaranteed. Fire insurance,theft insurance is just a few more dollars.(businesses recoup it by charging people more)
. If they burn down without insurance...too bad..so sad.
. Why should everyone have to pay for these overly thrifty people( this is as necessary as electricity and heat) ?
. The ones who get burned down win twice( free donations and not paying insurance).
twobits
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Re: People Who Don't Get Insurance

Post by twobits »

cfriedemann wrote:I applaud you for bringing this up. I am a little more direct, which is harsh criticism.
. There is NO EXCUSE for not having insurance.
. Someone having a business, you GOT to have insurance. Stuff happens. What if someone got hurt at the business? Lawsuit will follow. Guaranteed. Fire insurance,theft insurance is just a few more dollars.(businesses recoup it by charging people more)
. If they burn down without insurance...too bad..so sad.
. Why should everyone have to pay for these overly thrifty people( this is as necessary as electricity and heat) ?
. The ones who get burned down win twice( free donations and not paying insurance).


There is a difference between liability insurance and contents insurance. Only liability insurance is the "must have". Contents insurance is a decision that only the owner is qualified to make. It is no different than a vehicle owner deciding whether or not the car is worth the premium for comp and collision insurance.
Insurance is not cheap and it is rather presumptive of you to assume this woman could afford it when just starting out. And then to say she wins twice by saving on a premium and getting donations is a tad petty. I doubt very much this woman feels she has won anything.
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kgcayenne
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Re: People Who Don't Get Insurance

Post by kgcayenne »

cfriedemann wrote: Why should everyone have to pay for these overly thrifty people( this is as necessary as electricity and heat) ?


They're not thrifty, not even overly thrifty. They are plain old dastardly CHEAP.

There is a difference between thrifty and cheap:

Thrifty people go through great effort to minimize costs.
Cheap people minimize costs and expect everyone else to put forth effort compensating for shortfalls.
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Tero
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Re: People Who Don't Get Insurance

Post by Tero »

twobits wrote:There is a difference between liability insurance and contents insurance. Only liability insurance is the "must have". Contents insurance is a decision that only the owner is qualified to make. It is no different than a vehicle owner deciding whether or not the car is worth the premium for comp and collision insurance.
Insurance is not cheap and it is rather presumptive of you to assume this woman could afford it when just starting out. And then to say she wins twice by saving on a premium and getting donations is a tad petty. I doubt very much this woman feels she has won anything.


Both are more than affordable. If you can't afford insurance, you can't afford to sink all you have into a business. Bottom line. My season business costs me $1200 per season (May to September) to cover me for liabity and stock and equipment valuing about 70 k. That's about 2% (if my math is right....) PEANUTS compared to a total loss. And that's just a literal loss, as in a fire. What if someone HURT themselves and sued me for millions? (I'd be covered!!!)
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